As per ITR 5 instruction:
a) Assessee are required to fill in No books of accounts in Balance sheet and P&L if "whether you have maintained the accounts as per section 44AA" is selected as "No".
b) Part A - P& L (Item No. 65) In case you are not required to maintain regular books of accounts in respect of the business or profession carried on during the year, please fill up the summary details in respect of such activity at column 65 viz. gross receipts, gross profit, expenses and net profit. Declaring of loss from business / profession under no books of accounts is restricted.
so if my income is less than 120000, which will be so if my business is in loss, and my gross receipt in last 3 year is less than 1000000, i can not declare loss as partA p&l (item 65) does not allow declaration of losses. under which section of IT act it is so? what to do if i face such a situation. i am a partnership firm( non llp)
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